• Will Bitcoin break the 31K resistance zone?
• Bitcoin’s 24-hour volume decreased by 18%.
• Will Bitcoin be able to hold onto the critical support level of $29,600?

Will Bitcoin continue to rise? Increasing long positions in Bitcoin are scaring altcoin investors. Current Bitcoin price analysis!

Medium-Term Bitcoin Price Analysis!

4 Hour Bitcoin Price Analysis! Source: TradingView

When we examine the 4-hour price chart of Bitcoin, we see that it experienced a drop to the $30,000 levels after encountering selling pressure from the important psychological resistance level of $31,000.

If the price of Bitcoin takes liquidity at the $31,000 level on the 4-hour chart and starts a downward movement from that area, it can realize its decline to the $29,700 levels.

If the price of Bitcoin cannot make 4-hour candlestick closes above the $31,000 level, the target for the decline will be the $29,700 level. If the price of Bitcoin makes 4-hour candlestick closes above the $31,000 level, the target for the rise will be the $32,200 levels.

Short-Term Bitcoin Price Analysis!

1 Hour Bitcoin Comment Analysis! Source: TradingView

When we examine the short-term price chart of Bitcoin, we see that it has been moving in a sideways channel for 3 days. Bitcoin rose to the $31,000 levels yesterday with its upward movement. It encountered selling pressure at the $31,000 levels, and we took that area as a deviation zone in the analysis.

If Bitcoin stays above the $30,000 level, it can test the $31,000 levels again. However, if the price of Bitcoin (BTC) closes below the $30,000 level for 2 hours, the first target for the decline will be the $29,500 levels.